Canadian Home Sales Activity Increased Month-Over-Month in June 2024
Canadian Housing Activity Perks Up in June
The Canadian Real Estate Association (CREA) reported on Friday (7-12-24), that that home sales activity recorded over Canadian MLS® Systems posted a 3.7% increase between May and June 2024.
CREA also reported that the number of new listings posted a 1.5% month-over-month increase in June, led by the Greater Toronto Area and British Columbia’s Lower Mainland.
However, the national increase in new listings was smaller than the sales gain in June. As a result, the national sales-to-new listings ratio tightened to 53.9% compared to 52.8% in May. The long-term average for the national sales-to-new listings ratio is 55%, with a sales-to-new listings ratio between 45% and 65% generally consistent with balanced housing market conditions.
There were 4.2 months of inventory on a national basis at the end of June 2024, down from 4.3 months at the end of May. It was the first time that the number of months of inventory has fallen month-over-month in 2024. The long-term average is about five months of inventory.
The actual, not seasonally adjusted, national average home price in Canada was $696,179 in June, down 1.6% year-over-year (Jun.23 – Jun. 24).
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